TOKYO - Hong Kong's private sector economy index continued to worsen further to sunk to its lowest for nearly three years in May, due to a decline in sales to mainland China. Business activity shrank, which led firms cut back on purchasing activity and stock holdings.
The Nikkei Hong Kong Purchasing Manager's Index, or PMI, fell from 48.4 in April to 46.9 in May, signaling its lowest level since June 2016. A reading above 50 indicates an expansion while a reading below 50 points to a contraction.
